BTC/SGD is seen trading low in red on Wednesday. The pair has once again declined after jumping till 1069 (ITBIT). It is currently trading around 1055.88 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 1035

Kijun-Sen level: 1007

Trend reversal level - (100 days MA) – 873.50

Long-term trend remains to be bullish.  BTC/SGD is seen facing strong support at 10-day MA 1038. Any close below confirms minor weakness.

Major resistance is around 1080 (Nov 17th 2016 high) and any break above that level will take the pair to next level till 1090 (161.8% retracement of 1031.92 and 936.20)/1160 (127.2% retracement of 1051.92 and 650)/1204 (138.2% retracement of 1051.92 and 650). Short-term support is seen at 1038 (10- day MA) and any break below targets 1007 (daily kijun-Sen)/954 (55- day EMA).